Just months after launching its online mortgage tool, Google (NASDAQ: GOOG) is now shutting down the service along with other comparison-shopping services, citing the endeavor did not meet the company’s expectations, according to multiple reports.
In an email to its partners on Monday, the company announced that its Google Compare services in the U.S. and United Kingdom would begin winding down this month and will terminate on March 23, reported The Wall Street Journal this week, citing individuals familiar with the matter.
The Google comparison-shopping site for mortgages, auto insurance and credit cards provides consumers a platform through which they can access a variety of potential service providers. Shoppers can access the online tool via smartphone or computer to find real-time comparison of rate quotes from other lenders participating on the service.
The site, however, wasn’t generating “substantially more revenue” than standard search ads for products, in part because consumers use multiple sites to comparison shop and take a long time to make decisions, reported Nasdaq, citing a person familiar with Google’s decision.
It is also believed that Google failed to attract some of the largest insurers and lenders to participate in the Compare platform, thus only providing consumers with a limited range of service providers.
Upon the mortgage component’s launch last November, Google announced it would be joined by other mortgage industry providers LendingTree (NASDAQ: TREE) and Zillow Mortgage Group (NASDAQ: ZG) on the Google Compare platform.
The comparison tool was most recent offering from Google in the mortgage space, following the release of a mortgage calculator in February 2015.
Looking ahead, now with the Google Compare services entering their final days, Google plans to focus on AdWords and future innovations, according to The Wall Street Journal.
Neither the Google Compare nor the calculator services included reverse mortgages.
Written by Jason Oliva